**Charity Registration No. 1114498** ## **FRIENDS OF BOYAN TRUST** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **FRIENDS OF BOYAN TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr J Getter Mr M Freund Mr N Kuflik **Charity number** 1114498 **Registered office** 23 Durley Road London N16 5JW **Independent examiner** Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW ## **FRIENDS OF BOYAN TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1| |Independent examiner's report|2| |Statement of financial activities|3| |Balance sheet|4| |Statement of cash flows|5| |Notes to the financial statements|6 - 10| ## **FRIENDS OF BOYAN TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ The trustees present their report and financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The charity's objects are the advancement of the orthodox Jewish faith, orthodox Jewish religious education, and the relief of poverty in the orthodox Jewish community. To this end the charity has made various grants in the year under review. The charity is also involved in the running of a synagogue. The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance issued by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities . Grants on the unrestricted fund are made at the trustees' discretion from their knowledge of the various institutions, applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader. ## **Achievements and performance** During the year the charity continued to raise funds, and has applied the funds in grants in furtherance of its objectives and to cover the costs of the running of a synagogue. ## **Financial review** In the year under review the charity generated income of £ 642,952 (201 9 : £ 908,165 ) and incurred expenses of £610,161 (2019: £935,774) resulting in net incoming resources of £32,791 . The trustees are satisfied with the results for the year, especially taking into account the difficulties of fundraising due to Covid-19. The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. As at 31 December 2020 the charity has total free reserves of £99,088. The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. There are no current plans to change the activities or modus operandi in the foreseeable future. ## **Structure, governance and management** The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated c harity. The charity is constituted and governed by a Trust Deed dated 2 April 2006. The charity is managed and controlled by the trustees, who meet regularly. The trustees who served during the year and up to the date of signature of the financial statements were: Mr J Getter Mr M Freund Mr N Kuflik It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures . None of the trustees has any beneficial interest in the c harity . The trustees' r eport was approved by the Board of Trustees. .............................. ## **Mr J Getter** Trustee Dated: ......................... - 1 - ## **FRIENDS OF BOYAN TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF BOYAN TRUST** I report to the trustees on my examination of the financial statements of Friends of Boyan Trust (the charity) for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW Dated: ......................... - 2 - ## **FRIENDS OF BOYAN TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ |||**Unrestricted**|Unrestricted| |---|---|---|---| |||**funds**|funds| |||**2020**|2019| ||**Notes**|
**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|642,952|908,165| |**Expenditure on:**|||| |Raising funds|**4**|1,821|-| |Charitable activities|**5**|608,340|935,774| |**Total resources expended**||610,161|935,774| |**Net income/(expenditure) for the year/**|||| |**Net movement in funds**||32,791|(27,609)| |Fund balances at 1 January 2020||66,297|93,906| |**Fund balances at 31 December 2020**||99,088|66,297| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 3 - ## **FRIENDS OF BOYAN TRUST** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2020**_ |**Notes**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**10**
Net current assets
**Income funds**
Unrestricted funds|**2020**
**£**
102,088
(3,000)|**£**
99,088
99,088
99,088|**2019**
**£**
68,067
(1,770)|**£**
66,297
66,297
66,297| |---|---|---|---|---| The financial statements were approved by the Trustees on ......................... .............................. Mr J Getter **Trustee** - 4 - ## **FRIENDS OF BOYAN TRUST** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ |**2020**
**Notes**
**£**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**12**
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2019**
**£**
**£**
34,021
-
-
34,021
68,067
102,088|**£**
(27,609)
-
-
(27,609)
95,676
68,067| |---|---|---| - 5 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ ## **1 Accounting policies** ## **Charity information** Friends of Boyan Trust is a unincorporated charity. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future based upon the continued financial support from the community . Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 6 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **1.6 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.7 Taxation** The charity is exempt from tax on its charitable activities. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The preparation of the se financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported. - 7 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ |**3**
**4**
**5**|**Donations and legacies**
**Unrestricted**Unrestricted
**funds**
funds
**2020**
2019
**£**
£
Donations and gifts
642,952
908,165
**Raising funds**
**Unrestricted**
Total
**funds**
**2020**
2019
**£**
£
Fundraising and publicity
Support costs
1,821
-
1,821
-
**Charitable activities**
**Charitable**
**Activities**
**Charitable**
**Activities**
**2020**
**2019**
**£**
**£**
Synagogue expenses
12,924
3,310
Grant funding of activities (see note 6)
593,456
930,474
Share of governance costs (see note 7)
1,960
1,990
608,340
935,774| |---|---| - 8 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ ## **6 Grants payable** ||**Charitable**|Charitable| |---|---|---| ||**Activities**|Activities| ||**2020**|2019| ||**£**|£| |Grants to institutions:||| |Yazoiree Boyan|204,668|-| |Mesifta Tiferet Yisroel|151,090|-| |Gomli Chesed Boyan|31,725|-| |Chortkov Kloiz Antwerp|17,324|-| |Yeshiva Gedoila Zichron Moshe|15,903|-| |Bais Rizhin Trust|12,145|-| |Teens United|8,921|-| |Others less than £8,000|65,920|-| |Other|-|758,209| ||507,696|758,209| |Grants to individuals|85,760|172,265| ||593,456|930,474| - ## **7 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Fundraising Expenses
1,821
-
Accountancy
-
1,050
Legal and professional
-
180
Bank and other finance
charges
-
730
1,821
1,960
Analysed between
Fundraising
1,821
-
Charitable activities
-
1,960
1,821
1,960|**2020**
**£**
1,821
1,050
180
730
3,781
1,821
1,960
3,781|Support
costs
Governance
costs
£
£
-
-
-
1,050
-
180
-
760
-
1,990
-
-
-
1,990
-
1,990|2019
£
-
1,050
180
760
1,990
-
1,990
1,990| |---|---|---|---| - 9 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **9 Employees** The average monthly number of employees during the year was: |||**2020**|**2019**| |---|---|---|---| |||**Number**|**Number**| ||Total|-|-| |**10**|**Creditors: amounts falling due within one year**||| |||**2020**|**2019**| |||**£**|**£**| ||Accruals and deferred income|3,000|1,770| |**11**|**Related party transactions**||| ||There were no disclosable related party transactions during the year (2019 - none).||| |**12**|**Cash generated from operations**|**2020**|**2019**| |||**£**|**£**| ||Surplus/(deficit) for the year|32,791|(27,609)| ||Movements in working capital:||| ||Increase in creditors|1,230|-| ||**Cash generated from/(absorbed by) operations**|34,021|(27,609)| |13|**Analysis of changes in net funds**||| ||The charity had no debt during the year.||| - 10 -